Incense major, Cycle Pure Agarbathi , has acquired a majority stake in pooja accessories brand Satvik, marking a strategic pivot into the fast-growing spiritual and devotional products segment.
The deal, financial details undisclosed, gives Cycle access to Satvik’s differentiated portfolio of prayer and ritual products, even as it looks to move beyond its core agarbatti business into a broader spirituality and wellness play.
“This category is highly fragmented and unorganised… we believe there’s a huge opportunity for genuine, certified products,” Arjun Ranga, MD, Cycle Pure Agarbathi said, explaining the rationale behind the acquisition.
Cycle, which reported revenue of about ₹1,199.1 crore in FY25 as per market intelligence platform Tracxn, is betting on this integration to unlock its next phase of growth. “The next phase of growth will come from Satvik,” Ranga noted.
Commenting on the partnership, Vinod Bansal, Founder and Managing Director, Satvik Spirituals Private Ltd stated, “This partnership with Cycle Pure Agarbathi is aimed towards combining our digital-first scale with their unmatched legacy and trust, we are poised to accelerate growth, deepen reach, and set new benchmarks for devotional commerce, both in India and globally.”
The acquisition also signals Cycle’s intent to expand into adjacent categories such as festive idols, pooja accessories and ritual-specific products, segments it did not previously have access to. “We don’t want to spend time building from scratch… we are looking at mature companies that are ready to scale,” he told businessline.
While agarbattis remain its “bread and butter”, the company has already diversified into categories such as camphor, pooja oils, kumkum and turmeric, with oils emerging as a strong growth driver.
The broader strategy, according to Ranga, is to evolve from a traditional incense brand into a full-stack spiritual and wellness company. “We believe companies like Satvik help us transition from an agarbatti company into a truly wellness and spirituality company,” he said.
The partnership also opens up export opportunities, with Cycle present in 75 countries and planning to take Satvik’s products to global markets, particularly targeting the growing Indian diaspora.